The COVID-19 pandemic has created technological shifts crucial to providing better care. The crisis has made complying with data interoperability a priority for most healthcare institutions. It has also increased the need for social distancing among physicians and patients, which has driven the demand for remote patient monitoring and telehealth solutions and the need for the accurate and timely exchange of patient health records. In this regard, health information exchange is an effective tool that provides a framework for exchanging, sharing, and retrieving electronic health information with advanced security.
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Health Information Exchange (HIE) Market – Drivers and Restraints
Health information exchange solutions have a few helpful applications in healthcare. In any case, the reception of these solutions is limited to a degree attributable to data security and privacy concerns. Patient health data is secured under government laws in numerous nations, and any breaks or failure to keep up with its honesty can result in legitimate and monetary punishments.
Patient data contains individual, private, or secret information and requires severe defending to forestall its abuse. Since the interoperable solutions utilized for patient care expect admittance to numerous health data sets, it is fundamental for these solutions to cling to every one of the data security conventions executed by states and administrative authorities. This is a troublesome undertaking as most interoperability stages are merged and require broad figuring power, inferable from which patient data, or portions of it, can be needed to dwell in a merchant’s data place.
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Health Information Exchange (HIE) Market – Competitive Scenario and Notable Developments
In 2021, MEDITECH (US) entered into an agreement with Steward Health Care, wherein the latter implemented MEDITECH’s EHR system in 18 sites located across Arizona, Texas, Utah, Arkansas, and Louisiana. This decision was a part of Steward’s “One Platform” strategy to bring all 35 hospitals under a single HER
In 2021, Change Healthcare launched its nationwide Clinical Data Retrieval Solution, a new cloud-based interoperability solution that makes it possible for payers to quickly and easily retrieve patient records from the electronic health record (EHR) systems
In 2020, Epic Systems Corporation partnered with Adena Health System to implement Epic’s EHR across Adena’s health system. This partnership will help increase patient data exchange with the Ohio State Wexner Medical Center.
In 2020, Health Catalyst (US) entered into a multi-year strategic partnership with Middle East Healthcare Company (MEAHCO) (Saudi Arabia). Under this partnership, six Saudi-German Hospitals in the Kingdom of Saudi Arabia (KSA) will have access to Health Catalyst’s DOS technology.
Health Information Exchange (HIE) Market – Geographical Outlook
Based on the regional segmentation, the global Health information exchange (HIE) market can be segmented into five key regions. These regional segments are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Of these, the global Health information exchange (HIE) market is expected to be dominated by the regional segment of North America. The growth of the North America market can be primarily attributed to the increasing demand for information exchange from the global healthcare industry.
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In addition to this, a glowing presence of several of the leading players in the global Health information exchange (HIE) market is also expected to work in favor of the overall development of the North America regional segment. Moreover, possibility of addition of more projects in the coming years of the forecast period is also likely to work in favor of the overall growth of the North America Health information exchange (HIE) market.
The Health information exchange (HIE) market for APAC is expected to hold the largest market share. APAC is projected to be the fastest-growing market for health information exchange (HIE) during the forecast period. With three of the top 10 largest economies in the world—China, India, and Japan—the Asia Pacific region presents a high potential for the growth of the market.
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